Point72 Asset Management L.P. Has $3.76 Million Stake in Silicon Motion Technology Co. (NASDAQ:SIMO)

Point72 Asset Management L.P. increased its stake in Silicon Motion Technology Co. (NASDAQ:SIMO - Free Report) by 128.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,631 shares of the semiconductor producer's stock after purchasing an additional 39,131 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.21% of Silicon Motion Technology worth $3,764,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Lord Abbett & CO. LLC increased its position in shares of Silicon Motion Technology by 20.0% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,324,930 shares of the semiconductor producer's stock worth $71,612,000 after acquiring an additional 221,017 shares in the last quarter. Pertento Partners LLP boosted its stake in Silicon Motion Technology by 31.2% in the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock worth $63,072,000 after purchasing an additional 277,462 shares during the period. Invesco Ltd. grew its position in Silicon Motion Technology by 22.8% during the 4th quarter. Invesco Ltd. now owns 1,038,779 shares of the semiconductor producer's stock worth $56,146,000 after purchasing an additional 192,646 shares in the last quarter. Wellington Management Group LLP raised its stake in Silicon Motion Technology by 40.1% during the 4th quarter. Wellington Management Group LLP now owns 797,192 shares of the semiconductor producer's stock valued at $43,088,000 after purchasing an additional 228,333 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Silicon Motion Technology by 33.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 763,419 shares of the semiconductor producer's stock valued at $41,263,000 after purchasing an additional 192,603 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Wedbush reissued an "outperform" rating and set a $90.00 price target on shares of Silicon Motion Technology in a research report on Wednesday, April 30th. B. Riley upped their target price on Silicon Motion Technology from $70.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Needham & Company LLC decreased their price target on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Bank of America raised shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 price objective on the stock in a research report on Wednesday, April 23rd. Finally, Wall Street Zen cut Silicon Motion Technology from a "buy" rating to a "hold" rating in a research report on Thursday, February 13th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Silicon Motion Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.88.

Silicon Motion Technology Price Performance

NASDAQ:SIMO traded down $1.37 during trading hours on Monday, reaching $63.70. The company's stock had a trading volume of 470,664 shares, compared to its average volume of 385,036. Silicon Motion Technology Co. has a one year low of $37.21 and a one year high of $85.87. The business's 50-day moving average is $49.92 and its 200-day moving average is $52.88. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 23.68, a price-to-earnings-growth ratio of 1.36 and a beta of 0.72.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.16. Silicon Motion Technology had a return on equity of 11.63% and a net margin of 11.29%. The business had revenue of $166.49 million for the quarter, compared to the consensus estimate of $162.69 million. During the same period last year, the business earned $0.64 EPS. The firm's revenue was down 12.1% compared to the same quarter last year. On average, sell-side analysts predict that Silicon Motion Technology Co. will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology declared that its Board of Directors has approved a share repurchase program on Wednesday, February 5th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the semiconductor producer to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Silicon Motion Technology Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.